Final Expense Insurance Calculator

Final expense (also called burial or funeral insurance) is small-face permanent life insurance ($5K-$50K) designed to cover funeral costs, medical bills, and small debts. The NFDA reports the median funeral with burial costs about $8,300 in 2025, or roughly $6,300 with cremation. Final expense policies are typically targeted at seniors 50-85 who can't qualify for or no longer need traditional life insurance.

It uses simplified or guaranteed-issue underwriting (no medical exam, few or no health questions), is permanent (no expiration), and has small face amounts. Premiums per dollar of coverage are much higher than term - a 70-year-old might pay $80-$200/month for just $10,000 of coverage. Premiums never increase and the policy never expires as long as you pay.

Most guaranteed-issue final expense policies have a 2-year contestability period: if you die from natural causes within 2 years of issue, the beneficiary receives only a refund of premiums plus interest (typically 10%) rather than the full face amount. Accidental death is fully covered from day one. Simplified-issue policies (a few health questions) usually skip this graded period.

It depends on age and health. A healthy 60-year-old who can qualify for $25,000 of 20-year term will pay much less per dollar. But a 75-year-old with diabetes and heart disease may have no other affordable option - final expense fills that gap. As an alternative, prepaid funeral plans through a funeral home lock in today's prices but lack flexibility if you move or change preferences.